Sec. 2. Financial literacy education grants
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Part D of title V of the Elementary and Secondary Education Act of 1965 ( 20 U.S.C. 7241 et seq. ) is amended by inserting after section 5537 the following: The Secretary shall award grants to eligible entities to enable such entities— to award subgrants to local entities to provide financial literacy education; and to carry out activities designed to promote financial literacy education. In this section, the term eligible entity means— a State educational agency; or a State partnership consisting of— a State educational agency; and a nonprofit organization with experience and a proven quality track record in financial literacy or personal finance education programs.
An eligible entity that desires to receive a grant under this section shall submit an application to the Secretary at such time, in such manner, and accompanied by such information as the Secretary may require. From the total amount appropriated under subsection
(g)for a fiscal year, the Secretary shall allot to each State for such fiscal year an amount that bears the same relation to such total amount as the amount such State received under part A of title I for such fiscal year bears to the total amount received by all States under part A of title I for such fiscal year. In this section, the term eligible local entity means— a local educational agency; or a local partnership consisting of— a local educational agency; and not less than one of the following: A nonprofit organization with experience and a proven track record in quality financial literacy or personal finance education programs. An educational service agency. A recipient of an Excellence in Economic Education grant under subpart 13. An institution of higher education. A community organization. A representative of local business. An eligible entity that receives a grant under this section shall use 75 percent of such grant funds to award subgrants to eligible local entities. An eligible local entity that desires to receive a subgrant under this paragraph shall submit an application to the eligible entity at such time, in such manner, and accompanied by such information as the eligible entity may require. The eligible entity shall review applications submitted under clause
(i)in the same manner as applications are reviewed under section 5534(b). An eligible local entity that receives a subgrant under this paragraph— shall use the subgrant funds to— implement teacher training programs to embed financial literacy and personal finance education into core academic subjects; administer financial literacy assessments on not less than an annual basis in, at a minimum, the grade levels selected by the State pursuant to paragraph (2)(A); and implement financial literacy activities and sequences of study within core academic subjects; and may use the subgrant funds to implement school-based activities, including after school activities, to enhance student understanding and experiential learning with consumer, economic, and personal finance concepts. An eligible local entity that receives a subgrant under this paragraph shall include in the annual report card under section 1111(h)(2) the same information on student achievement on the financial literacy assessments, administered pursuant to subparagraph (D), as required, pursuant to section 1111(h)(2), of the other State academic assessments described in section 1111(b)(3). An eligible entity that receives a grant under this section shall use 25 percent of such grant funds to carry out the following: The development of financial literacy standards in not less than 3 grade levels, including not less than 1 grade level in elementary school, not less than 1 grade level in middle school, and not less than 1 grade level in high school. The development of appropriate financial literacy assessments in the grade levels determined under subparagraph
(A)that are valid, reliable, and comparable across the State. Teacher professional development programs to embed financial literacy or personal finance education into core academic subjects. An evaluation of the impact of financial literacy or personal finance education on students’ understanding of financial literacy concepts. An eligible entity that receives a grant under this section shall provide, from non-Federal sources, an amount equal to 25 percent of the amount of the grant award to carry out activities required under this section. There are authorized to be appropriated to carry out this section $125,000,000 for each of fiscal years 2014 through 2019. . The table of contents in section 2 of the Elementary and Secondary Education Act of 1965 is amended by inserting after the item relating to section 5537 the following: Subpart 13A—Financial literacy education Sec. 5538. Financial literacy education grants. .
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Sec. 2
Financial literacy education grants
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